San Diego, CA -- (SBWire) -- 04/02/2012 --An investigation on behalf of investors in shares of MAP Pharmaceuticals Inc. (NASDAQ:MAPP) was announced over potential securities laws violations by certain officers and directors at MAP Pharmaceuticals Inc. in connection with certain potentially false and misleading statements.
Investors who purchased shares of MAP Pharmaceuticals Inc. (NASDAQ:MAPP) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of MAP Pharmaceuticals Inc. (NASDAQ:MAPP) concerning whether certain statements made by MAP Pharmaceutical, its business, its prospects and its operations were materially false and misleading at the time they were made.
On May 3, 2011, MAP Pharmaceuticals Inc. reported its First Quarter of 2011 Financial Results. Among other things, MAP Pharmaceuticals Inc. said that its Revenues for the first quarter ended March 31, 2011 were $34.2 million compared to $0 for the same period in 2010 and that its Net Income for the first quarter ended March 31, 2011 was $17.6 million compared to a net loss of $14.1 million during the same period in 2010.
Then on August 4, 2011, MAP Pharmaceuticals Inc. reported its Second Quarter of 2011 Financial Results. MAP Pharmaceuticals Inc. said that its Revenues for the three and six months ended June 30, 2011 were $3.5 million and $37.7 million, respectively, compared to $0.0 for the same periods in 2010 and that its net loss for the three months ended June 30, 2011 was $8.6 million compared to $12.5 million during the same period in 2010.
On November 8, 2012, MAP Pharmaceuticals Inc. reported its Third Quarter of 2011 Financial Results. MAP Pharmaceuticals Inc. said that its Revenues for the three and nine months ended September 30, 2011 were $23.9 million and $61.5 million, respectively, compared to $0.0 for the same periods in 2010, and its Net income for the three months ended September 30, 2011 was $11.2 million, compared to a net loss of $14.2 million during the same period in 2010. Net income for the first nine months of 2011 was $20.2 million, compared to a net loss of $40.7 million for the first nine months of 2010.
Shares of MAP Pharmaceuticals Inc. (NASDAQ:MAPP) rose from as low as $1.99 per share in March 2009 to as high as $17.06 per share on March 9, 2012.
Then on March 29, 2012, MAP Pharmaceuticals Inc. reported its 2011 Fourth Quarter and Year End Financial Results. MAP Pharmaceuticals Inc. said that its annual Revenue was $23.07million in 2011and its Net loss for the fourth quarter ended December 31, 2011 was $13.8 million, compared to a net loss of $13.9 million during the same period in 2010, and that its net loss for the year ended December 31, 2011 was $32.9 million, compared to a net loss of $54.7 million for the year ended December 31, 2010.
MAP Pharmaceuticals Inc. said that “it will restate its interim unaudited financial statements for the first three quarters of 2011 to correct the accounting treatment for the non-refundable $60.0 million upfront cash payment received in February 2011 (the "Upfront Payment") pursuant to the collaboration agreement with Allergan.” Further, the Company disclosed that the restatement relates to the timing of revenue recognition for the Upfront Payment.
Shares of MAP Pharmaceuticals Inc. (NASDAQ:MAPP) fell from $17.14 on March 26, 2012 to as low as $14.07 during March 30, 2012 and closed on March 30, 2012 at $14.36 per share.
Those who purchased shares of MAP Pharmaceuticals Inc. (NASDAQ:MAPP) and currently hold those MAP Pharmaceuticals Inc. (NASDAQ:MAPP) shares, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
MAP Pharmaceuticals Inc. (NASDAQ:MAPP) Investor Investigation over Potential Misleading Statements
An investigation for shareholders of MAP Pharmaceuticals Inc. (NASDAQ:MAPP) over possible securities laws violations was announced and NASDAQ:MAPP stockholders should contact the Shareholders Foundation.